https://padlet.com/rachna_shukla15/p92apc92z4kf Made with good vibes en-us 2018-02-04 17:27:06 UTC 2023-09-06 14:52:36 UTC hello@padlet.com rachna_shukla15 https://padlet.com/rachna_shukla15/p92apc92z4kf/wish/2686234733 Discuss whether decision-making is more effective when undertaken by governments in a planned economy rather than by individuals in a free market economy.]]> 2023-09-06 07:03:25 UTC https://padlet.com/rachna_shukla15/p92apc92z4kf/wish/2686234733 https://padlet.com/rachna_shukla15/p92apc92z4kf/wish/2686496649 decision making can be considered as less effective when controlled by the government as there is a shortage and surplus of goods due to the lack of the price mechanism that determines how much of a product is produced. moreover, as there is a lack of a profit motive, there can also be a lack of an incentive to work. this decreased productivity negatively impacts economic growth.]]> 2023-09-06 10:38:47 UTC https://padlet.com/rachna_shukla15/p92apc92z4kf/wish/2686496649 https://padlet.com/rachna_shukla15/p92apc92z4kf/wish/2686499107 anyone can take part and decision-make in a free economy, the decision to produce or consume a particular product is voluntary. meaning that companies or individuals can produce or purchase as much or as little of a product as they want which is based on the principles of a free economy such as economic freedom, self-interest, competition and private property ]]> 2023-09-06 10:40:43 UTC https://padlet.com/rachna_shukla15/p92apc92z4kf/wish/2686499107 https://padlet.com/rachna_shukla15/p92apc92z4kf/wish/2686499667 In my opinion, decision making is more effective when done by individuals in free market because governments in planned economy ignore consumers needs and allocate resources inefficiently. Secondly, individuals in a free market make their decisions based on profit they receive which increases if they understand what consumers want.]]> 2023-09-06 10:40:50 UTC https://padlet.com/rachna_shukla15/p92apc92z4kf/wish/2686499667 https://padlet.com/rachna_shukla15/p92apc92z4kf/wish/2686892608 When governmental power is most dominant such as in planned economies decision making can be very effective as the main objective in to excel on consumer welfare instead of profits so there is always strategic planning involved. However as there is a hierarchical centralised planning structure this suggests there would be strict policies in which market forces and individuals cannot then make their own choices as its under strict restrictions which can be time consuming as well as the idea of unrealistic targets set in place. Therefore in my opinion decision making is  more effective when undertaken by individuals in a free market as they are able to effectively quickly evaluate what to produce, how to produce and whom to produce for and they are highly driven off profit which rapidly needs to be produced with productive efficiency. ]]> 2023-09-06 14:52:36 UTC https://padlet.com/rachna_shukla15/p92apc92z4kf/wish/2686892608